Rajat Bose of rajatkbose.com told CNBC-TV18, "Still Punjab National Bank (PNB) is worth a look. It is headed for the target level of Rs 143. I was also quite surprised that PNB could rise up more than 8 percent yesterday and it is still moving up.""One small word of caution, I just got this statistic, I am yet to verify it that Nifty 50 price to earning (PE) currently is at an all time high. In fact it has even crossed January 4 2008 level of 27.03 or something; it appears that the broad market is actually over heated pretty much. Even Nifty is also hitting resistances zone and there are lot of bills like goods and service tax (GST) and all are pending. So, while the momentum is on we can still catch on with things like PNB and all." "I would recommend defensive stocks like Cadila Healthcare and Cipla. They are better off. You put a stop loss below Rs 361 for Cadila and look for a target of Rs 385 to about 393 on the upside. Even for Cipla my target would be something like Rs 542, put a stop loss at Rs 523. I would rather be safe," he said.
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